One of the reasons the company I just left is dying is they lost a bunch of employees that and a terrible tech plan.
I worked for company A, company A got merged with company B since they were both owned by the same mega corp. Company A and Company B were in the same industry but served different needs. They were both companies in the EV industry but one was aimed at drivers and the other aimed at charging station companies. When they did the merger, it seems part of the thinking was to get rid of the IT staff at company A. So obivously, they basically all left. Major issue was they decided to do a rewrite. So they ended up having a bunch of developers who didn't know the business, could barely read the old code, etc rewrite this company's application. Because they had no idea about it, they didn't realise how unrealistic the expectations were or even the fact it was a rewrite. It was framed as a migration. We move this app over here because we have the core features and we can just add on a few more. Except they didn't have the core features. They put the legacy system in to maintainance only and hired consultants to maintain it. Which led to it breaking down constantly and client demands going unmet. While that was happening all the business people started to leave. So all the people who understood how the business side of thing worked, had connections with clients, etc left. This resulted in all the strategies and plans that the company were making were based on a business world that didn't exist. They spent 12 months telling each other, they would do this and that and the industry needs this. Then when they released and went to market with pre-existing clients they found out all of this was nonsense and they needed to do all the stuff the old business teams were doing.
By the end of it, the mega corp that owned them realised they screwed up the company too badly so decided to sell. In the two years since the merger they had spent at least 30 million on the new platform. Spent 15 million before that on building it up before doing th merger. Originally bought company A for 8 million. Company B, I'm not sure how much they spent there but realistically probably a total of 40 million easily. It was generating profit too before it got merged with Company A. They tried to sell it for 400 million. Got nowhere. Reduced the price to 200 million. Nothing. Ended up selling it for 75 million while clearing the debts for the company with a "gain" of 50 million.